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          <TitleTxt>CHAIRMAN/DIRECTOR</TitleTxt>
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          <EmployeeBenefitProgramAmt>29139</EmployeeBenefitProgramAmt>
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        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LAURA AVEDON</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O SAX ADVISORS LLC 1040 AVENUE OF</AddressLine1Txt>
            <AddressLine2Txt>THE AMERICAS-16TH FL</AddressLine2Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
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          <TitleTxt>CEO/DIRECTOR</TitleTxt>
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        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JAMES MARTIN</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O SAX ADVISORS LLC 1040 AVENUE OF</AddressLine1Txt>
            <AddressLine2Txt>THE AMERICAS-16TH FL</AddressLine2Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10018</ZIPCd>
          </USAddress>
          <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
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          <EmployeeBenefitProgramAmt>51019</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ANDREW WYLIE</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O SAX ADVISORS LLC 1040 AVENUE OF</AddressLine1Txt>
            <AddressLine2Txt>THE AMERICAS-16TH FL</AddressLine2Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10018</ZIPCd>
          </USAddress>
          <TitleTxt>VICE CHAIRMAN/DIRECTOR</TitleTxt>
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        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ELSIE WALKER</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O SAX ADVISORS LLC 1040 AVENUE OF</AddressLine1Txt>
            <AddressLine2Txt>THE AMERICAS-16TH FL</AddressLine2Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10018</ZIPCd>
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          <TitleTxt>VICE CHAIRMAN/DIRECTOR/TR</TitleTxt>
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          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
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        <CompensationHighestPaidEmplGrp>
          <PersonNm>ERIN HARRIS</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O SAX ADVISORS LLC 1040 AVENUE OF</AddressLine1Txt>
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            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10018</ZIPCd>
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          <TitleTxt>RIGHTS AND USE MANAG</TitleTxt>
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        <CompensationHighestPaidEmplGrp>
          <PersonNm>CAROLINE AVEDON</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O SAX ADVISORS LLC 1040 AVENUE OF</AddressLine1Txt>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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          <TitleTxt>DIGITIZER</TitleTxt>
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          <EmployeeBenefitsAmt>9753</EmployeeBenefitsAmt>
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        <CompensationHighestPaidEmplGrp>
          <PersonNm>MATTHEW AVEDON</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O SAX ADVISORS LLC 1040 AVENUE OF</AddressLine1Txt>
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            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10018</ZIPCd>
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        </CompensationHighestPaidEmplGrp>
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          <BusinessName>
            <BusinessNameLine1Txt>GAGOSIAN GALLERY</BusinessNameLine1Txt>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>SOURCE CONSTRUCTION LLC</BusinessNameLine1Txt>
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          <USAddress>
            <AddressLine1Txt>353 WEST 48TH STREET 4TH FLOOR</AddressLine1Txt>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
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      <SummaryOfDirectChrtblActyGrp>
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        <AverageMonthlyCashBalancesAmt>6730831</AverageMonthlyCashBalancesAmt>
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        <Pct85LessorAdjIncmOrMinRetGrp>
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        <TotalAssetsSect4942j3BiGrp>
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        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>1A</LineNumberTxt>
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        <ComputationMethodTxt>SL</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
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      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE</PropertyDesc>
        <AcquiredDt>2005-06-21</AcquiredDt>
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      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>DIGITIZATION EQUIPMENT</PropertyDesc>
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        <CostOrOtherBasisAmt>20218</CostOrOtherBasisAmt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER SOFTWARE</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER SOFTWARE</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>DIGITIZATION EQUIPMENT</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT- CAMERA</PropertyDesc>
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